Bankruptcy Lawyer MA Matthew T. Desrochers » Bankruptcy Attorneys Massachusetts

A Few Basic Ways One Can Eliminate Debt

admin — Tue, 14 Jun 2011 18:48:10 +0000

The current economic situation has led to many creditors defaulting on their credit cards and loans out of necessity. Below are a few ways one can work on eliminating debt during this time.

Bankruptcy will erase all debts and leave you free to start new. There have been new laws enacted in 2005, so be sure to check to make sure which type you will be allowed to file and to cover any requirements. Chapter 7 simply makes it so that you have no debt and under Chapter 13 paying on a plan for a few years the debt is forgiven.
Debt Consolidation is when you or a lawyer negotiates with the credit card companies for a one time payment of anywhere between 30% to 70% of the total balance and the rest of the balance is forgiven.
Debt Consolidation Reduction is when a debt consolidator will negotiate lower interest and payments over a longer period of time, thus reducing your monthly payments.
Budgeting: Creating a strict budget and living with it.

If you would like to learn more and/or receive assistance with bankruptcy or debt settlement, please contact us at (857) 244-1940 or fill out the form on the right.

Rebuilding Your Credit After Bankruptcy

admin — Mon, 13 Jun 2011 18:46:40 +0000

1. Stop feeling like you are a failure! The number of state residents filing for Chapter 7 bankruptcy in Massachusetts rose by 8.5 percent in 2010, as more than 17,000 filed for protection during the year. In this economy, any little set back could easily cause a person to need to file bankruptcy. Some of the current situations have been: loss of job, loss of income, medical bills, credit cards changing how much you have to pay each month, etc. In addition, if you adjust your attitude and say it happened what I do now and how do I keep from repeating it, you will be much more positive and make a better change.

2. Analyze what happened and move forward. If you want to change and prepare better for the future than you can!

3. Create a budget, under your means, and include an emergency fund. If you set up and follow a budget under your means and put money away for an emergency fund, than you will have less of a chance to file bankruptcy again.

4. Pay your bills on time. By paying all your bills on time you will see your credit go up. In some, instances your landlord could be reporting your rental history to the credit companies and this could be of benefit to your credit history and rebuilding your score.

5. Get a secured credit card, make on time payments, and keep your balance below 30%. A secured card allows you to put a deposit down of the amount of your credit limit and then they report your payment schedule to the credit bureaus monthly. If you close out the card with a balance of zero then you receive that money back. Do make sure that the card reports to the credit bureaus as some do not.

If you would like to learn more and/or receive assistance with bankruptcy or debt settlement, please contact us at (857) 244-1940 or fill out the form on the right.

Some Signs that You Should File for Bankruptcy

admin — Mon, 06 Jun 2011 22:13:31 +0000

No one really wants to file bankruptcy. However, if you have any of the following signs, you should seriously consider filing.

• Being involved in a foreclosure or car repossession. After, the foreclosure is complete you will still be responsible for any of the loan not covered.
• You cannot pay your bills now or in the foreseeable future. Why keep dealing with the creditors and living in fear of being sued?
• You are having garnishments taken out of your pay check or have a tax levy.
• Your debt amount is too large and you are not being able to paying it. You are just moving debt around to keep the debt current.

If you would like to learn more and/or receive assistance with bankruptcy or debt settlement, please contact us at (857) 244-1940 or fill out the form on the right.

Is the HAMP Program Really Helping People?

admin — Tue, 15 Mar 2011 18:53:01 +0000

Yes, while the program got off to a rough start, the Treasury Department now reports that HAMP has been running fairly steady over the past six months, with roughly equal numbers of trial modifications begun and permanent modifications granted.

Originally, the program was expected to keep between 7 and 8 million homeowners out of foreclosure. Now it is expected to end about 1.3 million foreclosures when the program expires December 31, 2012. Since, HAMP is one of the programs on the House Republicans chopping block, it may not get the chance to continue helping people.

Initially, the program was overrun with applicants for loan modifications and as such the Treasury Department announced new rules which required a stronger proof of eligibility before borrowers could begin trial modifications. The lower volume of applicants that followed allowed mortgage servicers to work through the piles of backlogged applications, of which approximately 44 percent eventually moved on to permanent modifications.

According to the January performance report, there are currently about 145,000 trials underway. January itself was almost right on the previous six months average with 27,000 new trial modifications begun and roughly 28,000 permanent modifications granted.

If you would like to learn more and/or receive assistance with loan modification or foreclosure, please contact us at (857) 244-1940 or fill out the form on the right.

Creditors Say You have No Power. They are Wrong.

admin — Thu, 17 Feb 2011 15:27:37 +0000

Your creditors will try and convince you that you have no power when it comes to settling your debts. They are wrong. While they will not negotiate with you, they will negotiate with a lawyer over a period of time. If you’ve grown tired of late-night collection calls from angry creditors and would like to receive some protection, you should call a debt settlement lawyer.

Once you have a lawyer representing you and the creditors have been notified they are required by law to contact your representing lawyer. This buys you peace of mind at home and at work. In addition, the lawyer is skilled at talking you through your options and getting you the best results. They will discuss with you debt settlement versus bankruptcy and will even walk you through a mortgage loan modification if you are in need.

Take action today; don’t allow those creditors to steel another wink of your sleep.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

Can I File Bankruptcy Again?

admin — Wed, 16 Feb 2011 17:31:19 +0000

Have you already filed for bankruptcy, but this economy has caused you to nee to file again?

If this is you, you may be wondering if you can file for bankruptcy again. Or you may be thinking about filing and are wondering if the economy goes south again or you end up with massive medical bills, what would your options would be later.

The answer is yes, you can file again. Do check with an attorney to make sure that the requirements between years have not changed. Check out the years below”

8 years between 7s. -727(a)(8)
2 years between 13s. -1328(f)(2)
4 years between a 7 and 13 -1328(f)(1)
6 years between a 13 and 7(if under 70% plan). -727(a)(9)

The time is counted from filing to filing — not from first discharge to second filing.

Economic Meltdown Affects Everyone

admin — Thu, 27 Jan 2011 21:02:02 +0000

Everyone knows that the current economic recession has affected everyone. What you may not realize is how everyone has been affected.

First Round of Impacts on consumers:

1) Reckless loan giving cause people to take on more loans than they could afford.
2) Some people took those loans and spent recklessly.
3) These people were not able to keep paying their debts and became defaulters.

Impacts on creditors:

1) Defaulters started filing for bankruptcy, causing creditors to lose vast amounts of money.
2) This caused interest rates to increase because loans and credit cards were becoming more risky.
3) This also led to creditors to not be able to pay corporate taxes in time.
4) In addition, they had to stop investing in many new projects and businesses, making it harder to start new companies and get help when needed.

Impacts on government:

1) With the creditors defaulting on corporate taxes, the Federal government started taking up huge losses.
2) This led to deficits in fiscal budgets and the entire equilibrium of the economy was hurt.
3) This invited the recession and started a chain reaction.
4) The government created new rules to limit bankruptcy filings.

This is just a simple view of what happened to start this recession; there are many other factors that were involved.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact us at (857) 244-1940.

2010: Joblessness Most Dire Since Great Depression Causing 1.5 Million Americans to File Bankruptcy

admin — Mon, 10 Jan 2011 16:31:32 +0000

Over this last year, the number of people filing for bankruptcy in the US rose by 9%. This is the first time that total number of people filing for unemployment has been greater than 2005. That year is when the bankruptcy laws were changed making it more difficult and expensive to file. This is a strong indication on how desperate people are in the current economy.
Recently, there has been a growing trend of more families with incomes above $60,000 and college degrees being forced into bankruptcy. In addition, there has also been more elderly filing for bankruptcy because they have been forced to take on their medical care in credit cards. It’s even affecting people who are around others who have been hit hard by the economy. For example, a construction company has to stop building and the Mom and Pop store down the street has to close down and file bankruptcy. In addition, many whom still have jobs are being forced to work fewer hours and in some instances being reduced to part time jobs.

The sharp increase in long-term joblessness—the most dire since the Great Depression—has worsened the situation. More and more families are forced to rely on credit cards to pay for food, utilities and other basic necessities, in addition to picking up the cost of their health insurance.

This economy crisis is not over and is being felt in almost every part of the country.

Should I Seek A Massachusetts Attorney to Help Me File For Bankruptcy?

admin — Fri, 07 Jan 2011 06:02:35 +0000

Even though filing for bankruptcy is optimal for those with a lot of debt, it is still a major decision that just about anyone in American may file for, but if you want the process to go smoothly, you should find a bankruptcy attorney who can guide you through the entire process.

A Massachusetts bankruptcy attorney can help you understand what to expect. Your bankruptcy lawyer will be able to lay out the foundation and consequence of your bankruptcy filing for you so that you will not be surprised during any stage of the process.

A bankruptcy lawyer can explain what the creditors might do. Without being privileged to the bankruptcy process, you would not know what can adversely affect your bankruptcy filing. The creditors are protected by the law also, so they have legal actions in their arsenal to safeguard their interest in your bankruptcy filing.

Bankruptcy is a complicated process. From the previous points in this article, you have probably concluded that filing bankruptcy is not as easy as counting 123. There is a higher probability that your bankruptcy case can be delayed or dismissed if you try to apply by yourself.

A Good Bankruptcy lawyer will discuss with you all your options and come up with the best option for you, whether that option is Chapter 7 or 13 bankruptcy, debt settlement, or loan modifications.

If you would like assistance with determining what would be the best option for you regarding your debts, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

Senior Citizens and Bankruptcies

admin — Fri, 07 Jan 2011 06:00:18 +0000

Only seven percent of all bankruptcy cases filed in the U.S. between 1991 and 2007 were entered by people aged 65 and older; however, the demographic was the fastest-growing age group observed in a new study from the University of Michigan Law School. About two-thirds of these elderly consumers were forced to file for protection because their credit card debt was unmanageable. Their debt was roughly 50 percent higher than it was for bankrupted consumers in other age groups.

The large majority of these bankruptcy filings from senior citizens stem from credit card debt. The most common reason for Senior Citizen’s reliance on credit cards is because they used them to pay their medical expenses after their income decreased and became fixed. In addition, others had to deal with the death of a spouse who provided a secondary income.